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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #71,821
  • Aug 16, 2010 12:38pm Aug 16, 2010 12:38pm
Quoting Dan Gilbert
http://www.forexfactory.com/showpost...ostcount=71616

http://www.forexfactory.com/showpost...ostcount=71750
Never mind Hope you catch the next one.

Cheers

Fxp
  • #71,822
  • Aug 16, 2010 12:48pm Aug 16, 2010 12:48pm
Here's the trades I took today. Hope it helps some of the new guys.

Trade 1

Bounce trade off PPZ on GBPCHF.

Long at 1.6207

Reason for entry = 62 fib off last swing combined with PPZ. (The blue line is a confluence area). Also a small divergence.

Result = Loss of 1 %


Trade 2

After being stopped out price then formed a 1 hour pin bar. I traded it to the pink line on the chart for a 2.5% gain. This was also my target from the 1st trade as it is counter trend and the 4 hour has a big bearish bar that needes to be considered.
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  • #71,823
  • Aug 16, 2010 1:26pm Aug 16, 2010 1:26pm
Quoting fxprocessor
Here's the trades I took today. Hope it helps some of the new guys.

Trade 1

Bounce trade off PPZ on GBPCHF.

Long at 1.6207

Reason for entry = 62 fib off last swing combined with PPZ. (The blue line is a confluence area). Also a small divergence.

Result = Loss of 1 %


Trade 2

After being stopped out price then formed a 1 hour pin bar. I traded it to the pink line on the chart for a 2.5% gain. This was also my target from the 1st trade as it is counter trend and the 4 hour has a big bearish bar that needes to be considered....
Thanks for sharing ---it's always great to see what others do.
Bill
  • #71,824
  • Aug 16, 2010 1:32pm Aug 16, 2010 1:32pm
Quoting Atc
Thanks for sharing ---it's always great to see what others do.
Bill

Cheers Bill.
  • #71,825
  • Aug 16, 2010 4:01pm Aug 16, 2010 4:01pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Thoughts on this one?

Pros: Nice shape PB, decent wick length. At a retracement from a swing high. PB body at 38 Fib, tip almost hit 50 Fib. Dipped below 0.70 BRN then bounced up. Dipped below 150 EMA, then bounced up.

Cons: Will have to head up against 5 daily bear bars in a row.

FTA estimated at ~ .7150.
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  • #71,826
  • Aug 16, 2010 4:06pm Aug 16, 2010 4:06pm
Quoting Chelski
NZUSD,

I am watching this pair for possible pin bar close. There seems good previous support too. (double bottom)
This one's on my radar too.
BRN 0.7000
PPZ
Nice bullish pin
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  • #71,827
  • Aug 16, 2010 4:17pm Aug 16, 2010 4:17pm
Hi Everybody, firstly just want to thank James16, and everbody in the thread for being so helpful and sharing all their trading ideas. Im really glad I came across this, it has helped steer me away from the indicators pasted all over my charts not making much sense at all. I had been demo trading for about a year using indicators, and seemed to be getting nowhere fast. Ive now been reading this thread for the last month or two, and am starting to pick up some of the ideas...I think.

This is the first post Ive made in this thread, so hello to everybody, and what does everyone think about this?

Could there be a possible pin bar forming on the AUD/CHF daily chart, attached. I have marked a few areas I think could be PPZ,s. Price has bounced straight off the 365EMA and poked its nose through the 50% fib retracement. Could this be a possible trade at the break of the high, if the pin forms? With a view to TP at around .9600. What does everybvody think. I welcome any criticism with open arms, be as harsh as you want. Hope to hear back from people soon.
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Whether you think that you can, or that you can't, you are usually right.
  • #71,828
  • Aug 16, 2010 4:32pm Aug 16, 2010 4:32pm
Quoting ts63
This one's on my radar too.
BRN 0.7000
PPZ
Nice bullish pin
I've been watching the kiwi for quite some time now, on the daily price broke the upTL last week and yesterday price revisted this TL and got rejected via a nice BEOB, price then resumed its downtrend and found support at the BRN 7000 as expected, confirmed by PA via a not so ideal PB (the uppertail is somewhat to long according to me). Zooming into a 4H-TF we see clearly the different PPZ's. Today price encountered MAJOR resistance at the BRN 7100 confirmed by PA via a very very nice PB, price also has MAJOR support at the BRN 7000. So my quess is that price will be contained between these BRN's for the time being.

May the force be with you,
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Pipcrawler
  • #71,829
  • Aug 16, 2010 5:14pm Aug 16, 2010 5:14pm
Quoting DTaylor
Hi Everybody, firstly just want to thank James16, and everbody in the thread for being so helpful and sharing all their trading ideas. Im really glad I came across this, it has helped steer me away from the indicators pasted all over my charts not making much sense at all. I had been demo trading for about a year using indicators, and seemed to be getting nowhere fast. Ive now been reading this thread for the last month or two, and am starting to pick up some of the ideas...I think.

This is the first post Ive made in this thread, so hello to everybody,...
Hey DT

Welcome, glad you are getting rid of those indicators. It is a relieving feeling when you can strip that stuff off

As for the Aud/chf, my feed already clsoed as yours looks so that is not technically a pinbar. The close would need to be within the prior bar to be a true pin. Your feed may close later so it may trickle up for you. If that is the case then yes it would be a pinbar. I marked the area we need to watch for if price wanders off that way. Basically a bit shy of 9500

Again welcome

Mike
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  • #71,830
  • Aug 16, 2010 5:15pm Aug 16, 2010 5:15pm
Quoting jdl
Thoughts on this one?

Pros: Nice shape PB, decent wick length. At a retracement from a swing high. PB body at 38 Fib, tip almost hit 50 Fib. Dipped below 0.70 BRN then bounced up. Dipped below 150 EMA, then bounced up.

Cons: Will have to head up against 5 daily bear bars in a row.

FTA estimated at ~ .7150.
I think your FTA is right on, that is what I would look too. I am not loving the close of this one. Very weak close, but if it can break off the high it should move towards that area

Best
Mike
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  • #71,831
  • Aug 16, 2010 7:07pm Aug 16, 2010 7:07pm
I am also looking at the kiwi, it looks like a nice pinbar off the 7000 BRN and previous support. However, this is the thought process going through my head. I could take this trade at the break of today's high, but that would give me less than 50 pips until the PPZ and potential resistance, but the S/L of this trade would have to be beyond today's pin low which would be around 100 pips. So looking at R/R, it doesn't look like a trade with great R/R. Mike please advise, thanks.
  • #71,832
  • Aug 16, 2010 7:12pm Aug 16, 2010 7:12pm
Hmm seems like I've stumbled onto something useful.. I find it much easier to draw PPZ's off a line graph as you can clearly see bounces and breakdowns. I found it very useful...
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  • #71,833
  • Aug 16, 2010 7:13pm Aug 16, 2010 7:13pm
Quoting Adilius07
what about this RSI Div indi. Looks good to me.
http://www.forexfactory.com/showpost.php?p=3326406

That is a good one, thanks.


Don't happen to have a link to the MQ4 file, do you?
  • #71,834
  • Aug 16, 2010 7:16pm Aug 16, 2010 7:16pm
Quoting Pipologist99
I am also looking at the kiwi, it looks like a nice pinbar off the 7000 BRN and previous support. However, this is the thought process going through my head. I could take this trade at the break of today's high, but that would give me less than 50 pips until the PPZ and potential resistance, but the S/L of this trade would have to be beyond today's pin low which would be around 100 pips. So looking at R/R, it doesn't look like a trade with great R/R. Mike please advise, thanks.
Hey pip, here is a recent post on what mike's take is on r:r...

http://www.forexfactory.com/showthread.php?p=3909546#post3909546

Hope this helps,

Danny
  • #71,835
  • Aug 16, 2010 7:23pm Aug 16, 2010 7:23pm
GU looks like its bouncing off a PPZ but PA looks very weak.
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  • #71,836
  • Aug 16, 2010 7:25pm Aug 16, 2010 7:25pm
Quoting bluetrader
Hey pip, here is a recent post on what mike's take is on r:r...

http://www.forexfactory.com/showthread.php?p=3909546#post3909546

Hope this helps,

Danny

Thanks Blue, I understand what Mike is saying. So in the case of NZDUSD, wat's ur take based on PA and overhead resistance less than 50 pips away from break of pin?
  • #71,837
  • Aug 16, 2010 7:29pm Aug 16, 2010 7:29pm
AUDUSD, looks like it's stuck between a BRN and previous support. Does today's bar classify as a pin bar?
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  • #71,838
  • Aug 16, 2010 8:19pm Aug 16, 2010 8:19pm
Quoting Noloqy
Ok this is how I closed half the position size on my FXopen demo.

You should be able to enter a position in the opposite direction as your initial position. Select the lot size that is half the initial position.
Now you're half squared (half of the initial position is cancelled out by the new position.)

Now right click the new position, and select "close order". This will pop up the familiar menu. Here, under TYPE, select "Closed by" or "Offset by" (or something similar, as my client isn't English). When you select this, you will be able...
thanks I'll give it a try.
  • #71,839
  • Aug 16, 2010 8:21pm Aug 16, 2010 8:21pm
Quoting jdl
You are required to set your SL at least 3 pips away from current price. IBFX uses 5 digit pricing, so 3 pips is equal to 30 "pipettes".

For example,
4 digit pricing:
price is 1.2835. You must set your stop loss at 1.2832 or lower (3 pips).


5 digit pricing:
price is 1.28350. You must set your stop loss at 1.28320 or lower. (30 pipettes).

The two quotes above are identical. But IBFX and many other brokers refer to the 5th digit as a pip, which is technically true, but confusing if you are used to 4 digit pricing.
I don't think this was the case in this example. I had a SL of about 80 pips. ???
  • #71,840
  • Aug 16, 2010 8:42pm Aug 16, 2010 8:42pm
Quoting spookie94
I don't think this was the case in this example. I had a SL of about 80 pips. ???
If you intend to have a SL of 80pips ( for example in the 4 digits format to go short: entry=1.5000, SL = 1.5080), in IBFX you need to set as 800 points in their windows

CY
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